Snap Inc. shares advanced 4.80% to $76.90 Wednesday. This proved to be an all-around mixed trading session for the stock market, with the NASDAQ Composite Index COMP rising 0.13% to 14,780.53 and the Dow Jones Industrial Average DJIA falling 0.92% to 34,792.67.Snap Inc. closed $2.28 below its 52-week high ($79.18), which the company achieved on July 23rd.The stock outperformed some of its competitors Wednesday, as Apple Inc. AAPL fell 0.28% to $146.95, Twitter Inc. TWTR rose 0.10% to $68.70, and Facebook Inc. Cl A FB rose 2.19% to $358.92.
Snap Inc Trading volume (19.4 M) eclipsed its 50-day average volume of 17.9 M.The stock’s rise snapped a four-day losing streak. The company reported gains in revenue and users that exceeded analysts’ estimates, as the company’s investments in content and creative tools lured young people and the advertisers trying to reach them.
Second-quarter sales more than doubled to $982.1 million, the company said Thursday. That dwarfed the $846.9 million average analysts’ estimate. Snapchat, the mobile app for sending disappearing messages and watching video content, had 293 million daily active users in the second quarter, beating analysts’ expectations for 290.72 million.
As some parts of the world reopen and recover, Snap Chief Executive Officer Evan Spiegel expects users may use the app not just to cure their boredom, but for adding life updates to their Snapchat Story the posts that disappear in 24 hours. Snap warned that the company may not be able to predict the impact on its revenue from either the continued pandemic or Apple Inc.’s changes to iPhone permissions.